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Archive for the tag “recession”

Slow-Healing Scars: The Pandemic’s Legacy

Recessions wreak havoc and the damage is often long-lived. Businesses shut down, investment spending is cut, and people out of work can lose skills and motivation as the months stretch on. But the recession brought on by the COVID-19 pandemic is no ordinary recession. Compared to previous global crises, the contraction was sudden and deep—using quarterly data, global output declined about three times as much as in the global financial crisis, in half the time.

Read Here | IMF Blog

The Stock-Market Disconnect

The best explanation for why stock markets remain so bullish despite a massive recession is that major publicly traded companies have not borne the brunt of the pandemic’s economic fallout. But having been spared by the virus, they could soon find themselves squarely in the sights of a populist backlash.

Read Here | Project Syndicate

The Global Economy Will Never Be The Same

The pandemic has created a massive economic contraction that will be followed by a financial crisis in many parts of the globe, as nonperforming corporate loans accumulate alongside bankruptcies. Sovereign defaults in the developing world are also poised to spike.

Read Here | Foreign Affairs

America’s Dual Recession

Before COVID-19 shut down entire sectors of the US economy, the US workforce was becoming increasingly polarised along educational, racial, and geographic lines. Now, those trends have been accelerating, underscoring the need for a smart, worker-focused policy response.

Read Here – Project Syndicate

COVID-19 To Plunge Global Economy Into Worst Recession Since World War II

The swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. According to World Bank forecasts, the global economy will shrink by 5.2% this year. That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870, the World Bank says in its June 2020 Global Economic Prospects.

Read Here – The World Bank

The Perfect Storm

If ever the modern world faced a “perfect storm,” this is it. The combination of a deadly and highly infectious virus, an emerging worldwide economic depression, the collapse of global governance, and an absence of a coordinated and effective international response—all have contributed to a tragedy of historic magnitude, one that will not be easily overcome.

Read Here – The National Interest

Virus Pushes US Unemployment Toward Highest Since Depression

Unemployment in the U.S. is swelling to levels last seen during the Great Depression of the 1930s, with 1 in 6 American workers thrown out of a job by the coronavirus, according to new data released Thursday. In response to the deepening economic crisis, the House passed a nearly $500 billion spending package to help buckled businesses and hospitals.

Read Here – APNews

A Global Crisis Like No Other Needs A Global Response Like No Other

This is a “crisis like no other.” The outlook is dire. We expect global economic activity to decline on a scale we have not seen since the Great Depression. This year 170 countries will see income per capita go down—only months ago we were projecting 160 economies to register positive per capita income growth.

Read Here – IMF Blog

Nations Debate Easing Lockdown As Economic Hardship Grows

Governments around the world are wrestling with when — and how — to ease the restrictions designed to control the coronavirus pandemic amid rising unemployment and with many of their citizens struggling to make ends meet. Mandatory lockdowns to stop the spread of the new virus, which has so far infected almost 2.3 million people and for which there is no vaccine, have brought widespread hardship.

Read Here – APNews

The Economic Consequences Of The Coronavirus Pandemic

An economy without crowds is not a “new normal.” It may be more like the new anomie, to borrow Émile Durkheim’s term for the sense of disconnectedness. For most people, the word “fun” is almost synonymous with “crowd.” The coming year will be a time of depression in the psychological as well as the economic sense.

Read Here – Boston Globe

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